CEO says new channel “can be a meaningful contributor to the bank’s overall loan growth”
VersaBank has relaunched its lending business for Indigenous and remote communities with two key senior hires.
The bank appointed Roland Bailey as executive director, Indigenous infrastructure program, while Robert-Falcon Ouellette was named executive director, Indigenous housing initiatives.
Read more: VersaBank originations push loan portfolio to record high
Bailey has spent most of his life in the Northwest Territories and has more than three decades of experience in business and government, with a specific focus on infrastructure projects. Prior to joining VersaBank, he served as executive vice president at utilities contractor Valard Construction.
Ouellette is from the Red Pheasant Cree Nation (near Battleford, Saskatchewan) and was a member of Parliament for Winnipeg Centre between 2014 and 2018, during which time he also served as the chair of the Indigenous Caucus and was a member of the Standing Committee on Health and Finance.
From its inception in 1993 until 2008, VersaBank had an active lending business focused on serving the unique needs of Indigenous and remote communities in Canada – and was, at one time, the largest lender to both.
“VersaBank has a very proud history of supporting the development and growth of Indigenous and remote communities in Canada, providing financing across a vast array of projects that have contributed to the betterment of the lives of the populations within these communities,” said David Taylor, president and chief executive officer of VersaBank. “We were very disappointed when a shift in government sentiment in 2008 necessitated that we halt lending to that program. [However], with the emergence of an encouraging environment and the federal government’s commitment to accelerating work to close infrastructure gaps and build healthier, safer, and more prosperous Indigenous communities, we are thrilled to be able to re-start this program, which, in addition to providing much-needed financing to support growth for this integral part of our country and economy, can be a meaningful contributor to the bank’s overall loan growth and continued growth in profitability.”
